EVENING SNAPSHOT - Europe Markets Summary

LONDON (ICIS news)--Here is Thursday's end of day European oil and chemical market summary from ICIS pricing.

CRUDE: February WTI: $40.94/bbl, down $1.69/bbl. February BRENT: $44.33/bbl, down $1.53/bbl

Having gained more than $1/bbl on supply worries earlier in the day, prices retreated to trade more than $1/bbl in negative territory as the global economic crisis once again took centre stage. The markets were reacting to some worrisome statistics, particularly from the ?xml:namespace>US where another set of negative job data was followed by gloomy retail figures for December.

NAPHTHA: Open spec spot cargoes were assessed in a $294-304/tonne CIF (cost, insurance and freight) NWE (northwest Europe) range, down $20/tonne on the buy side of the range set earlier in the day. January swaps were pegged at $294-296/tonne CIF NWE.

BENZENE: One January benzene deal was reported at $270/tonne CIF ARA (Amsterdam, Rotterdam, Antwerp), sold by an industry trader. January levels were changed to $270-280/tonne CIF ARA, up $5-15/tonne from previously. February bids and offers were at $275-300/tonne CIF ARA.

STYRENE: Two European styrene deals for February were reported at $680/tonne FOB (free on board) Rotterdam, both from trade to industry. January bids and offers were talked at $680-700/tonne, down $10/tonne from previous January levels.

TOLUENE: Firm bids and offers were heard for January loading toluene at $400-420/tonne FOB Rotterdam this afternoon, down $20/tonne from previous levels due to falling gasoline values.

MTBE: In a quiet afternoon, only one MTBE trade was heard, at $435/tonne FOB AR. Gasoline traded in the afternoon between $354-368/tonne FOAR, pegging a factor range for the offer between 1.23 and 1.18 against gasoline barges.

XYLENES: The paraxylene market was quiet this afternoon. In the absence of any firm bids or offers for January loading material, values remained notionally stable at $600-620/tonne FOB Rotterdam.